Lazard Asset Management LLC lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 5.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 896,325 shares of the software maker’s stock after purchasing an additional 44,231 shares during the period. Lazard Asset Management LLC owned about 0.32% of Cadence Design Systems worth $249,062,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the stock. Brighton Jones LLC raised its stake in Cadence Design Systems by 80.2% in the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock valued at $456,000 after acquiring an additional 676 shares during the period. Integrated Wealth Concepts LLC boosted its stake in Cadence Design Systems by 3.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker’s stock worth $560,000 after purchasing an additional 80 shares during the period. Thompson Davis & CO. Inc. bought a new position in shares of Cadence Design Systems in the second quarter valued at approximately $205,000. NewEdge Advisors LLC lifted its stake in Cadence Design Systems by 39.3% in the 2nd quarter. NewEdge Advisors LLC now owns 34,787 shares of the software maker’s stock worth $10,720,000 after purchasing an additional 9,807 shares in the last quarter. Finally, Glenview Trust co bought a new position in shares of Cadence Design Systems in the second quarter worth $226,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.
Analyst Ratings Changes
A number of research analysts recently commented on the company. Rosenblatt Securities increased their target price on Cadence Design Systems from $375.00 to $410.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $400.00 to $425.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Weiss Ratings restated a “hold (c)” rating on shares of Cadence Design Systems in a research report on Thursday, July 2nd. Stifel Nicolaus raised their price objective on Cadence Design Systems from $395.00 to $432.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Finally, Robert W. Baird lifted their price objective on Cadence Design Systems from $381.00 to $385.00 and gave the stock an “outperform” rating in a report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $393.65.
Insider Buying and Selling at Cadence Design Systems
In other news, VP Paul Scannell sold 10,500 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $339.00, for a total value of $3,559,500.00. Following the completion of the sale, the vice president directly owned 33,946 shares of the company’s stock, valued at approximately $11,507,694. This trade represents a 23.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of Cadence Design Systems stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $391.00, for a total transaction of $782,000.00. Following the sale, the vice president directly owned 126,586 shares in the company, valued at $49,495,126. The trade was a 1.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 157,057 shares of company stock worth $60,272,277. 0.49% of the stock is owned by corporate insiders.
Cadence Design Systems Price Performance
NASDAQ CDNS opened at $326.24 on Monday. The business’s 50-day moving average is $373.92 and its 200 day moving average is $329.47. The stock has a market capitalization of $89.98 billion, a PE ratio of 76.05, a PEG ratio of 3.86 and a beta of 1.15. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.47 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a 1 year low of $262.75 and a 1 year high of $416.69.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last posted its earnings results on Monday, April 27th. The software maker reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $0.05. Cadence Design Systems had a return on equity of 28.44% and a net margin of 21.18%.The firm had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the previous year, the firm earned $1.57 earnings per share. The business’s revenue was up 18.6% compared to the same quarter last year. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 6.23 earnings per share for the current year.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.
The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.
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